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What is the FORECLOSURE PROCESS in Utah?
Non-Judicial Foreclosures The most common security instrument in Utah is a Trust Deed and not a "Mortgage." A trust deed has three parties including a trustor (the borrower(s)), a trustee (the bank, attorney or title company) and the beneficiary (the lender). The use of a trust deed instead of a mortgage allows for the beneficiary (lender) to foreclose a property through the trustee (bank, attorney or the title company) with an out-of-court or non-judicial process requiring approximately 120 days. The following outline provides a brief summary of the events and timelines involved in a non-judicial foreclosure.
When a "mortgage" is used instead of a "trust deed" a judicial foreclosure is required. The judicial foreclosure process begins with the filing of a summons and complaint in district court and a notice of civil action called a "Lis Pendens" being recorded at the county recorder's office where the property is located. The foreclosure is effected with a judgment against the debtor and a public auction called a "Sherrif's Sale." The final conveyance to the successful auction bidder is called a "Sherrif's Deed." Utah has a post-sale statutory right of redemption for judicial foreclosures, which may allow the borrower to reclaim the property up to six (6) months after the auction by making payment in full of the sum of the unpaid loan, plus penalties, attorney fees, interest, and costs. Under some circumstances, the court may extend the redemption period. |
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